Asset protection is vital not just for the wealthy, but for anyone who has managed to amass any property that they want to keep safe. Hard work and skill is the only way to build up your nest egg, but there are many ways to lose your wealth if you suffer bad luck or adverse health. You need to guard against the possible sources of loss that could cost you and your family the financial security that you deserve. The Bond Law Firm can help.
The asset protection process can be a complicated process, as it must be focused on identifying the biggest sources of potential loss and addressing those risks using the right legal tools to keep your wealth safe.
The Bond Law Firm helps you work within the laws of Texas to protect the property you have acquired, whether you are a small business owner, a wealthy investor, or someone just starting out and focused on building your future. Give us a call at (218) 448-4100 to talk with a Houston asset protection lawyer about creating a personalized asset protection plan and to get answers to questions you may have including:
- Do I need help with asset protection?
- What kinds of tools can I use for asset protection?
- How can a Houston asset protection lawyer help me?
Do You Need Help With Asset Protection?
Everyone faces risks every day, and if you don’t want bad luck to cause the loss of your life savings, you need help with asset protection. You need to protect your assets from:
- Lawsuits: Someone could sue you or your company. Without enough insurance, this lawsuit could lead to a loss of personal property.
- Medical and nursing care costs: A medical emergency could leave you with high bills and with nursing home care costs that aren’t covered by most kinds of insurance. Your assets could have to be spent on nursing home care if you don’t have an advanced plan in place.
- Business loss: If you run your own company or have an interest in a partnership or other business entity, your personal wealth could be at risk due to business losses unless the company is structured to limit liability.
- Mismanagement: If your illness or death stops you from managing assets, your wealth could be lost if there is no responsible person to take control.
There may also be many other sources of risk that put your personal wealth in grave jeopardy. Your biggest vulnerabilities are based on your own specific situation, and you need to talk with an experienced attorney to find out how you are most likely to lose your wealth if bad luck strikes. Once you understand the risks, the right approach can be taken to mitigate the potential for loss.
What Kinds of Tools Can You Use for Asset Protection?
The best asset protection tools are going to be designed to address specific risks that are most likely to put your property and wealth at risk. Common tools include:
- Partition agreements: Marital property in Texas is generally community property which each spouse has an interest in, but this creates potential for asset loss. Partition agreements mitigate the risk. Partition agreements make it possible to transfer property between spouses and to keep separate property safe. Partition agreements are commonly part of premarital agreements, are used when a couple enters into a second marriage and spouses want to own property independently, and are used when one spouse is in a high-risk profession where lawsuits are likely.
- Trusts: Living trusts provide protection by ensuring a plan is in place for asset management in case of incapacity or death, while irrevocable trusts provide other types of protection for assets such as keeping wealth safe if nursing home care is needed. There are many different types of specialized trusts, including Miller trusts that can be used to qualify for Medicaid when your income might otherwise be too high for you to get Medicaid to pay for nursing home care.
- Incorporation: Incorporating a business can limit the possibility of loss to any money actually invested in the business, while your entire personal wealth could otherwise be at risk for business debts or business judgements with other kinds of business structures.
- Powers of attorney: Like living trusts, power of attorney is a form of asset protection because it makes it possible for an appropriate person to immediately take control over asset management should something happen to the asset owner.
These are just a few of many different legal tools to consider using for the protection of your assets. You need to understand the ways in which strategic planning can put your assets beyond the risk of creditors; keep your wealth safe in case of irresponsible heirs; and otherwise protect what you have worked for. The Bond Law Firm aids you in the creation of a comprehensive plan so your wealth can provide you and your family with the financial security you deserve.
How can a Houston Asset Protection Lawyer Help You?
The Bond Law Firm provides help with the risk assessment process and can guide you through creating the right types of trusts and other legal documents that will protect your wealth. Our legal team is committed to giving you the assistance you need to keep your wealth safe for yourself and for those you love and want to provide for. Give us a call at (218) 448-4100 or contact us online to find out more about how a Houston asset protection lawyer can help you.